Reply
Regular Contributor
Simba501
Posts: 210
Registered: ‎06-01-2014

Anyone primarily bank online? (checking)

[ Edited ]

There are some online, interest bearing checking accounts.  I would love to maximize my dollars, but I have obvious qualms with an online bank being my primary account.  However, I very seldomly need to go to my current bank for any reason, so it may be a good fit.  

 

Thoughts?

Super Contributor
mongstradamus
Posts: 7,464
Registered: ‎06-19-2013

Re: Anyone primarily bank online? (checking)


Simba501 wrote:

There are some online, interest bearing checking accounts.  I would love to maximize my dollars, but I have obvious qualms with an online bank being my primary account.  However, I very seldomly need to go to my current bank for any reason, so it may be a good fit.  

 

Thoughts?


If you can do all your banking online then there should be no issues. I use alliant as my primary checking account, I like them because they give me decent interest rate for checking account. I mostly use DD or check scanning . 


EX Fico 782 9/25/14 Fako 801 CS/Credit.com 11/24/14
EQ SW 823 quizzle fako 796 7/19/14
TU Fico 808 Fako 796 Creditkarma 12/24/2014
Community Leader
Valued Contributor
DaveSignal
Posts: 2,111
Registered: ‎07-29-2011

Re: Anyone primarily bank online? (checking)

My primary bank account is USAA, which has no brick-and-mortar branches.  I have never needed such a thing though.  I get great customer service and all of my bank transactions are done online, except for the very occasional ATM withdrawal, but USAA refunds any related ATM fees anyway.

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Regular Contributor
milkshakes
Posts: 143
Registered: ‎01-11-2014

Re: Anyone primarily bank online? (checking)

ive seen SimpleBank and know many people who use it, and I'm a big fan of Schwab myself. i also heard really good things about fidelity as well.

 

pros: Schwab is pretty amazing customer service-wise, everything moves fairly quickly, and you save a ton on fees since you don't really pay any. Checks are free, withdraw from any ATM and get reimbursed end of month, etc.

 

mid: only get .1% or .15% monthly back, which is pretty much nothing. you'll find some other online banks that offer more in their checking, but this is still better than nothing.

 

cons: i had to mail in several forms to Schwab to connect my various bank and savings accounts to my schwab account (you can bypass this if you flow the money through the brokerage account, which is connected to the checking and is also free). the only thing i have trouble doing is depositing cash since I don't like carrying more than $40 (and sometimes have friends pay me back in cash or receive cash as presents), so I have to deposit the money into my bofa account and transfer it from there. this only happens once a month or so so it's a nonissue.

      
          12k                    10k                     5k                 12.5k (AU)                 6k                   NPSL                   12k
Regular Contributor
Simba501
Posts: 210
Registered: ‎06-01-2014

Re: Anyone primarily bank online? (checking)


milkshakes wrote:

ive seen SimpleBank and know many people who use it, and I'm a big fan of Schwab myself. i also heard really good things about fidelity as well.

 

pros: Schwab is pretty amazing customer service-wise, everything moves fairly quickly, and you save a ton on fees since you don't really pay any. Checks are free, withdraw from any ATM and get reimbursed end of month, etc.

 

mid: only get .1% or .15% monthly back, which is pretty much nothing. you'll find some other online banks that offer more in their checking, but this is still better than nothing.

 

cons: i had to mail in several forms to Schwab to connect my various bank and savings accounts to my schwab account (you can bypass this if you flow the money through the brokerage account, which is connected to the checking and is also free). the only thing i have trouble doing is depositing cash since I don't like carrying more than $40 (and sometimes have friends pay me back in cash or receive cash as presents), so I have to deposit the money into my bofa account and transfer it from there. this only happens once a month or so so it's a nonissue.


This is what I'm thinking about now.  I've read that you can make ATM deposits; not sure how accurate that is.  I suppose I could keep my current checking active for this purpose.

Regular Contributor
milkshakes
Posts: 143
Registered: ‎01-11-2014

Re: Anyone primarily bank online? (checking)

[ Edited ]

i dont know if any schwab ATMs exist and ive never done any banking activities at a Brick & Mortar schwab location so I wouldn't know if they take cash deposits. but you can't do deposits on other ATMs (tried with an Alliant ATM, who shares the same network as us, as well as with big bank ATMs).

      
          12k                    10k                     5k                 12.5k (AU)                 6k                   NPSL                   12k
Senior Contributor
Open123
Posts: 4,219
Registered: ‎02-23-2011

Re: Anyone primarily bank online? (checking)

I do.  

 

Though there are tons of branches near me, I see no reason to ever venture into a bank.  Now granted, I never have more than $1,000 in my bank accounts at any given time.

New Member
kyralynn4323
Posts: 1
Registered: ‎12-11-2011

Re: Anyone primarily bank online? (checking)

I have been doing ALL my banking online for more than ten years. It is time saving efficient and accurate. I would not do it any other way!


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}